Debt and growth: New evidence for the euro area

Against the background of the euro area sovereign debt crisis, our paper investigates the relationship between public debt and economic growth and adds to the existing literature in the following ways. First, we use a dynamic threshold panel methodology in order to analyse the non-linear impact of public debt on GDP growth. Second, we focus on 12 euro area countries for the period 1990–2010, therefore adding to the current discussion on debt sustainability in the euro area. Our empirical results suggest that the short-run impact of debt on GDP growth is positive and highly statistically significant, but decreases to around zero and loses significance beyond public debt-to-GDP ratios of around 67%. This result is robust throughout most of our specifications, in the dynamic and non-dynamic threshold models alike. For high debt-to-GDP ratios (above 95%), additional debt has a negative impact on economic activity. Furthermore, we can show that the long-term interest rate is subject to increased pressure when the public debt-to-GDP ratio is above 70%, broadly supporting the above findings.     

亚洲发展中国家经济增长前景有所改善

据亚洲开发银行(简称:亚行)最新发布的一份报告称,由于今年第一季度的出口需求高于预期,2017年亚洲发展中国家的经济增长前景有所改善. 在《2017年亚洲发展展望》的补充报告中,亚行将2017年亚太地区的增长预期从此前的5.7％上调至5.9％,并将2018年的增长预期从5.7％上调至5.8％.2018年增长率的上调幅度较小,反映出亚行对出口推动力的可持续性持谨慎态度.     

Reclaiming the public sphere: problems and prospects for corporate social and environmental accounting

This article encourages accountants to consider their role in the debates concerning social and environmental accounting. It outlines a placement ethic which provides a framework to explore various schools of thought on social and environmental accounting. A placement ethic uses ideas central to Habermas and Rawls to provide a continuum model to explore whether an arbitrated political consensus concerning social and environmental accounting is a possibility. It also advances some ideas to overcome the procedural limitations of the Rawls–Habermas debate that have been used by accounting reformers. In this context, it is possible to move beyond the usual deadlock between procedure and critique to combine insights from different traditions to construct new critical and democratic social and environmental pathways.     

影响亚洲发展中国家的增长前景

根据亚洲开发银行（简称：亚行）发布的《亚洲发展展望补充》（ADOS）数据显示,欧洲日益恶化的金融及银行业危机和美国经济的疲软复苏正在对亚洲发展中国家的增长前景产生重压。     

Variable Rate Debt Instruments and Corporate Debt Policy

Sustained high rate of inflation has led to the creation of debt instruments with variable interest rate. The availability of these debt instruments presents management with the problem of the choice of the optimal debt portfolio. This paper deals with this problem assuming a given, and optimal, debt to equity ratio. Given expected monetary value maximization, an efficient frontier is derived in terms of the expected net income and probability of bankruptcy, where net income is defined as operating income minus debt repayment. This efficient frontier is shown to be also mean-variance efficient. It is also shown that in most cases the optimal debt portfolio includes more than one debt instrument. In other words, the firm will avoid the policy of minimizing the expected cost of its debt repayments or the policy of minimizing the costs of bankruptcy. The optimal solution itself is affected by market variables like the relative expected cost of different debt instruments and by firm specific variables like the variability of its operating income stream, and the covariance between the operating income and the debt repayments.     

论偿债能力评估

金融资产管理公司受国务院委托集中时间和力量,利用特殊手段集中处理商业银行多年累积的不良资产,在处置过程中主要运用债权(务)重组的手段实施折扣变现,而确定重组的依据是债务人的偿债能力.本文对如何进行偿债能力评估,评估结论如何表述,使用时应注意的问题作了一些探索.     

The Notching Rule for Subordinated Debt and the Information Content of Debt Rating

This paper provides new evidence regarding the information content of debt ratings. We show that noninvestment grade subordinated issues are consistently priced too high (the yield is too low), and the reverse is true for some investment grade bonds. We relate this empirical bias to a notching rule of thumb that is used in order to rate subordinated debt without expending additional resources for information production. We propose an explanation for these findings based upon a balance between an attempt to please the companies that pay the raters versus a concern for lawsuits and regulatory investigations should ratings be too optimistic.     

Asset Maturity, Debt Covenants, and Debt Maturity Choice

The existing research on debt‐maturity under asymmetric information has focused on the impact of differential information regarding asset quality on the debt maturity decision. This research has generally indicated the optimality of short‐term debt financing as a vehicle of mitigating the adverse selection problem. In this paper, I consider the impact of information asymmetry regarding the maturity structure of cash flows on the debt maturity decision. In this context, long‐term debt is generally the form of debt financing most effective in alleviating the adverse selection problem. I also show that costs of adverse selection may induce some mismatching of debt maturity and asset maturity in the presence of significant transaction costs.     

财政风险与国债结构管理--从国债再融资角度的分析

国债风险是财政风险中的核心内容，控制风险的思路不能囿于国债总量的控制，还要注重国债结构管理所能发挥的作用。本文从国再融资资风险的角度，分析了国债结构管理在防范财政风险中的作用，并对我国国债现状进行了实证分析。最后，笔者提出，为降低我国财政风险，目前应该增加长期债券比例，形成一个均衡的债务期限。     

Measuring the Agency Cost of Debt

We adapt a contingent claims model of the firm to reflect the incentive effects of the capital structure and thereby to measure the agency costs of debt. An underlying model of the firm and the stochastic features of its product market are analyzed and an optimal operating policy is chosen. We identify the change in operating policy created by leverage and value this change. The model determines the value of the firm and its associated liabilities incorporating the agency consequences of debt.     

Debt contracting and the goodwill debate

Extant literature offers mixed evidence on the quality of goodwill after the promulgation of SFAS 141/2 (Li and Sloan, 2017; Lee, 2011; Chen et al., 2008). We reconcile these conflicting findings by examining the role of managerial incentives in determining the efficacy of SFAS 141/2 in improving the quality of goodwill reporting. Using the context of debt contracting, we find that the value-relevance of goodwill is higher for firms that include goodwill in debt covenants in the post-SFAS 141/2 period. We also find that in the post-period, firms that include goodwill in their debt contracts appear to take timelier impairments. In addition, debt contracts in these firms also have tighter covenant thresholds, further corroborating the increased value-relevance of goodwill under the current impairment regime. We also document a relatively higher frequency of covenant violation for firms that use goodwill in their debt contract in the post-SFAS 141/2 period. Taken together, our results inform ongoing discussions regarding the accounting for goodwill and provide new insight into understanding of debt contracting and the role of accounting standards therein.     

家庭债务危机困扰韩国

随着韩国家庭贷款额的迅速增长,巨额家庭债务及其造成的信用卡坏帐多、不良信用者激增等问题已经引起韩国社会的普遍关注,成为影响韩国金融信誉并制约经济增长的直接因素,因 而成了韩国政府急待解决的头等经济难题     

主权债务问题:全球同此凉热

为应对2008年国际金融危机对自身经济造成的冲击,大部分国家和地区都推出了积极的财政政策和宽松的货币政策,以抑制经济下滑。然而,这些政策虽然在一定程度上稳定了经济金融形势,抑制了危机的扩散和蔓延,却为自身财政增加了不少负担,各国和地区普遍呈现出财政支出增加、财政赤字显现、政府债务规模放大等现象,为主权债务问题爆发埋下了隐患。不仅在"欧猪五国"2009年末,由标普、穆迪、惠誉三大     

Valuation of the Debt Tax Shield

In this study, we use cross–sectional regressions to estimate the value of the debt tax shield. Recognizing that debt is correlated with the value of operations along nontax dimensions, we estimate reverse regressions in which we regress future profitability on firm value and debt rather than regressing firm value on debt and profitability. Reversing the regressions mitigates bias and facilitates the use of market information to control for differences in risk and expected growth. Our estimated value for the debt tax shield is approximately 40 percent (10 percent) of debt balances (firm value), net of the personal tax disadvantage of debt.